HUB24 has reported underlying net profit after tax (NPAT) of $26.6 million for the half year ended 31 December 2022, a jump of 87 per cent on the first half of the previous financial year.
In its half-year results released to the ASX on Tuesday, the firm also declared a 68 per cent increase in underlying EBITDA to $49.9 million.
Statutory NPAT was reported to be up by 85 per cent to $15.5 million, including $2.8 million of strategic and project costs, while earnings per share rose 59 per cent to 18.9 cents per share.
HUB24 chief executive officer and managing director Andrew Alcock said in a statement that the financial services provider had delivered strong results on all key financial metrics during the half year.
“Given this strong performance, we are increasing our fully franked interim dividend by 87 per cent to 14 cents per share,” he said.
As previously reported by the firm, HUB24’s total funds under administration (FUA) increased by 7 per cent to $73.0 billion, with platform FUA rising 12 per cent to $55.8 billion and PARS FUA decreasing 6 per cent to $17.2 billion as of 31 December 2022.
Platform net inflows from continuing operations were down by 14 per cent to $5.8 billion, while the total number of advisers using the HUB24 platform was up 9 per cent to 3,692, representing a 23 per cent share of the total adviser population.
“As a result of our strong relationships and solid pipeline of opportunities, including 58 new distribution agreements signed and 206 new advisers using the platform in 1HFY23, we expect the growth momentum to continue and reaffirm the Platform FUA target of $80–89 billion for FY24,” HUB24 said.
The firm noted that platform segment revenue rose by 33 per cent to $102.7 million and platform segment underlying EBITDA lifted 38 per cent to $41.4 million.
Meanwhile, tech solutions segment revenue and underlying EBITDA were both said to be significantly higher following the acquisition of Class in February last year, rising to $33.4 million and $10.5 million, respectively.
“I am proud that our team’s commitment to delivering innovative products and solutions that make a real difference for our clients has been recognised by being awarded Best Platform Overall by Investment Trends this week,” commented Mr Alcock.
“We are in a unique position to build on our success by leveraging our group capabilities and strong relationships to grow market share, capitalise on emerging opportunities and continue to create value for our customers and shareholders.”
